The Central Bank of Russia published an update on legislative amendments approved by the State Duma that expand access to the Long-term Savings Programme (LSP) and allow early termination of certain LSP agreements without forfeiting government support. From 1 October 2025, individuals will be able to use the Public Services Portal to enter into an agreement with a non-governmental pension fund and join the programme. The changes introduce a cooling-off mechanism addressing the current rule under which withdrawing after making a contribution results in loss of the right to government co-financing, including for future participation, and can also affect participants with multiple LSP agreements. Under the new rules, a participant may terminate an LSP agreement under which no co-financing has been received while retaining eligibility for government support under other LSP agreements, provided termination occurs before 1 April of the year when co-financing is due to be credited. The cooling-off-related amendment is to take effect 10 days after the law is officially published, while the Public Services Portal onboarding route starts on 1 October 2025.
Central Bank of Russia 2025-05-13
Central Bank of Russia outlines State Duma-approved amendments expanding access to the Long-term Savings Programme and adding a cooling-off period
The Central Bank of Russia announced legislative amendments expanding access to the Long-term Savings Programme (LSP) and allowing early termination of certain agreements without losing government support. From 1 October 2025, individuals can join the LSP via the Public Services Portal. A new cooling-off mechanism permits termination of LSP agreements without co-financing, retaining eligibility for government support under other agreements if done before 1 April of the co-financing year.